Lumentum (NASDAQ:LITE) Trading Down 4.3% on Insider Selling

Lumentum Holdings Inc. (NASDAQ:LITE)’s stock price was down 4.3% during trading on Wednesday after an insider sold shares in the company. The company traded as low as $82.61 and last traded at $83.28. Approximately 400,135 shares changed hands during trading, a decline of 73% from the average daily volume of 1,488,146 shares. The stock had previously closed at $86.98.

Specifically, Director Julia Suzanne Johnson sold 2,058 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $85.82, for a total transaction of $176,617.56. Following the sale, the director now directly owns 23,287 shares in the company, valued at $1,998,490.34. This represents a 8.12 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Vincent Retort sold 41,710 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $89.52, for a total transaction of $3,733,879.20. Following the completion of the transaction, the insider now owns 147,515 shares of the company’s stock, valued at approximately $13,205,542.80. This trade represents a 22.04 % decrease in their position. The disclosure for this sale can be found here. In other news, Director Harold L. Covert sold 3,345 shares of the stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $81.78, for a total value of $273,554.10. Following the sale, the director now directly owns 8,729 shares in the company, valued at approximately $713,857.62. This trade represents a 27.70 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Analyst Upgrades and Downgrades

LITE has been the topic of several recent research reports. Raymond James upped their price target on Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Barclays raised their target price on shares of Lumentum from $40.00 to $80.00 and gave the company an “underweight” rating in a report on Monday, November 11th. Bank of America boosted their price target on shares of Lumentum from $45.00 to $50.00 and gave the stock an “underperform” rating in a report on Thursday, August 15th. Jefferies Financial Group raised their price objective on shares of Lumentum from $53.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Lumentum from $57.00 to $65.00 and gave the stock an “overweight” rating in a research report on Monday, August 12th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, Lumentum has a consensus rating of “Hold” and a consensus price target of $74.85.

Lumentum Trading Down 3.7 %

The business has a 50-day moving average of $70.61 and a 200-day moving average of $57.60. The stock has a market capitalization of $5.75 billion, a price-to-earnings ratio of -10.06 and a beta of 0.88. The company has a debt-to-equity ratio of 2.87, a quick ratio of 4.04 and a current ratio of 5.36.

Institutional Investors Weigh In On Lumentum

Large investors have recently modified their holdings of the company. Dimensional Fund Advisors LP raised its position in Lumentum by 8.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,703,969 shares of the technology company’s stock valued at $86,760,000 after purchasing an additional 130,838 shares during the last quarter. Atreides Management LP increased its stake in Lumentum by 28.5% in the third quarter. Atreides Management LP now owns 1,691,017 shares of the technology company’s stock valued at $107,177,000 after purchasing an additional 375,389 shares during the period. Swedbank AB purchased a new stake in shares of Lumentum in the first quarter valued at about $71,025,000. Geode Capital Management LLC boosted its stake in shares of Lumentum by 1.3% during the third quarter. Geode Capital Management LLC now owns 1,186,163 shares of the technology company’s stock worth $75,198,000 after buying an additional 15,799 shares during the period. Finally, Van Lanschot Kempen Investment Management N.V. grew its holdings in shares of Lumentum by 17.8% during the second quarter. Van Lanschot Kempen Investment Management N.V. now owns 1,154,805 shares of the technology company’s stock worth $58,803,000 after buying an additional 174,828 shares during the last quarter. 94.05% of the stock is owned by institutional investors and hedge funds.

Lumentum Company Profile

Lumentum Holdings Inc manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. The company operates through two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers). The OpComms segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and data over high-capacity fiber optic cables.